Citation

Johnson C. Camb. J. Econ. 1998; 22(6): 653-661.

Copyright

(Copyright © 1998, Cambridge Political Economy Society, Publisher Oxford University Press)

DOI

10.1093/cje/22.6.653

PMID

unavailable

Abstract

The Asian economic model does not exist uniformly in East Asia and is itself only a model, not the complex economic reality of a huge and diverse area. 'Crony capitalism' is an inadequate explanation for what has happened in East Asia. And in the debate between Anglo-American economic orthodoxy and revisionism, the meltdown has tended to confirm the results of revisionist research. There are three main contenders among explanations for the meltdown--all three of which may prove to be true. These are the liquidity-crunch explanation, the overcapacity explanation, and the end-of-the-Cold-War-in-East-Asia explanation.